Kramer to Seinfeld:I Learned My Lesson After N-Word Meltdown

9/28/2012 7:18 AM PDT

But in a brand new interview on Jerry Seinfeld's Crackle TV show, "Comedians in Cars Getting Coffee," Richards opens up about the incident, telling Jerry he's finally learned that entertainment is all about the audience ... not about the performer.

"Now that’s a lesson I learned 7 years ago when I blew it in the comedy club and lost my temper because somebody interrupted my act and said some things that hurt me and I lashed out in anger."

"I took it too personally ... and I should have just said, 'Yeah you're absolutely right. I'm not funny ... I'll go home work on my material and I'll see you tomorrow night.'"

Richards also says he "busted up" after the incident ... and hasn't performed a comedy act since. He also thanked Jerry for sticking by his side throughout the years ... saying, "[Your support] meant a lot to me."